The following information is available for Satterfield’s Custom Glass for the fiscal year ending December 31, 2008.

Required
a. Prepare a schedule of cost of goods manufactured.
b. Prepare an income statement for fiscal 2008. Ignore income taxes.

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Beginning balance in Work in Process Ending balance in Work in Process Beginning balance in Finished Goods Ending balance in Finished Goods Direct material cost $ 200,000 275,000 450,000 300,000 2,000,000 Direct labor cost 2,500,000 Manufacturing overhead 1,500,000 Selling expenses General and administrative expenses Sales 200,000 400,000 8,000,000